Employment letter, dated as of April 6, 1999, from Century Bank and Trust Company to David B. Woonton
People investing in people.
JONATHAN G. SLOANE
President & Chief Operating Officer
April 6, 1999
Mr. David Woonton
29 Pinehurst Drive
Boxford, MA 01921
It is my pleasure to extend to you the following conditional offer of employment to join us at Century Bank.
Executive Vice President and Senior Lender (Member of Management Committee)
$180,000 with a discretionary salary review in January, 2000.
INCENTIVE COMPENSATION PLAN:
Immediate entry into plan on a pro rata basis for 1999.
Two (2) weeks paid in 1999, four (4) weeks paid in 2000.
Participation based upon the standard vesting schedule as a member of the Executive Management Team category.
A recommendation to grant you 10,000 shares will be put to a vote at the Year 2000 Stockholders Meeting. Based upon stockholder approval, a vesting schedule will be determined at that time.
Century Bank and Trust Company 400 Mystic Avenue, Medford, Massachusetts 02155-6316 (781) 391-4000
General benefit plans include medical, dental, life and long term disability insurance, 401K and pension. Eligibility for medical, dental and life insurance shall occur as of the first of the month following hire. All other programs are subject to policy waiting periods.
CHANGE OF CONTROL CLAUSE:
Two (2) years severance pay will be granted upon change of control (at your option).
David, this offer demonstrates our sincere interest in having you join Century. However, please be aware that this letter should not be construed as an employment contract since employment at Century is at will.
It is our understanding that your employment with Century will begin no later than April 26, 1999. Please advise us of your actual starting date so that I may arrange your orientation meeting. Also, please feel free to contact Yasmin Whipple at ###-###-#### if you have any questions regarding benefit matters.
Please acknowledge below your acceptance of the above, subject to Centurys completion of its due diligence review, and return an original copy to my attention.
We look forward to your joining us.